Truvestments Capital LLC Makes New Investment in Shutterstock, Inc. (NYSE:SSTK)

Truvestments Capital LLC bought a new position in shares of Shutterstock, Inc. (NYSE:SSTK) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 906 shares of the business services provider’s stock, valued at approximately $42,000.

Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Shutterstock by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock worth $134,048,000 after buying an additional 47,929 shares in the last quarter. LSV Asset Management raised its holdings in shares of Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after purchasing an additional 422,942 shares during the period. TD Asset Management Inc raised its holdings in shares of Shutterstock by 74.1% in the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock worth $72,306,000 after purchasing an additional 671,995 shares during the period. Copeland Capital Management LLC raised its holdings in shares of Shutterstock by 37.3% in the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock worth $67,316,000 after purchasing an additional 378,450 shares during the period. Finally, Trigran Investments Inc. raised its holdings in shares of Shutterstock by 15.5% in the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after purchasing an additional 163,268 shares during the period. Institutional investors own 82.79% of the company’s stock.

Insider Activity

In other news, CFO Jarrod Yahes purchased 5,350 shares of Shutterstock stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $37.35 per share, for a total transaction of $199,822.50. Following the transaction, the chief financial officer now directly owns 43,904 shares of the company’s stock, valued at $1,639,814.40. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Jarrod Yahes bought 5,350 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $37.35 per share, for a total transaction of $199,822.50. Following the completion of the transaction, the chief financial officer now owns 43,904 shares of the company’s stock, valued at $1,639,814.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Paul J. Hennessy bought 12,500 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $38.38 per share, with a total value of $479,750.00. Following the completion of the transaction, the chief executive officer now directly owns 87,803 shares of the company’s stock, valued at approximately $3,369,879.14. The disclosure for this purchase can be found here. Company insiders own 32.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on SSTK. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a report on Tuesday, May 14th. Morgan Stanley lifted their price objective on shares of Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Finally, Truist Financial reduced their price objective on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, May 6th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Shutterstock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.25.

Shutterstock Stock Performance

Shutterstock stock traded up $0.76 during mid-day trading on Friday, reaching $42.61. The company’s stock had a trading volume of 359,999 shares, compared to its average volume of 393,034. Shutterstock, Inc. has a 12-month low of $33.80 and a 12-month high of $54.40. The company has a market capitalization of $1.53 billion, a P/E ratio of 16.52 and a beta of 1.12. The firm’s fifty day moving average price is $39.00 and its two-hundred day moving average price is $43.21.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Thursday, May 2nd. The business services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.16. The firm had revenue of $214.32 million during the quarter, compared to analyst estimates of $211.03 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. On average, research analysts predict that Shutterstock, Inc. will post 3.38 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.82%. Shutterstock’s dividend payout ratio (DPR) is currently 46.51%.

Shutterstock Company Profile

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.